Supply Chain Solutions Industry To Grow Due To Rise In Volume Of Business Data Across Industries
Supply chain solutions industry data book covers supply chain analytics, procurement as a service and vendor risk management market.
The global Supply chain solutions market size was valued at USD 20.45 billion in 2022 and is expected to register a growth of 15.0% from 2023 to 2030.
Grand View Research’s supply chain solutions industry data book is a collection of market sizing information & forecasts, competitive benchmarking analyses, macro-environmental analyses, and regulatory & technological framework studies. Within the purview of the database, all such information is systematically analyzed and provided in the form of presentations and detailed outlook reports on individual areas of research.
Supply Chain Analytics Market Insights
The global supply chain analytics market size was estimated at USD 6.12 billion in 2022 and is anticipated to grow at a compound annual growth rate (CAGR) of 17.8% from 2023 to 2030. The supply chain analytics (SCA) market is growing in demand due to increased awareness of the benefits of SCA solutions, such as forecasting accuracy, supply chain optimization, waste minimization, and meaningful synthesis of business data. The increasing number of small & medium enterprises and their increasing expenditure on implementing analytics to hold a strong position in the market and compete against other market players are expected to boost the market growth over the forecast period.
North America region dominated the global market in 2022 with a revenue share of over 37%.Due to the complexity of corporate processes, industrial organizations in North America are putting a greater focus on the visual display of operational data. This allows businesses to quickly assess the current health of their supply chain from a data standpoint, allowing for better strategic decision-making. Over the forecast period, the European regional market is expected to rise at a promising rate. The European Commission's single market strategy allows commodities, services, people, and capital to travel freely within the region. It broadens the geographical market for European businesses and expands the possibilities for SCA solutions acceptance and deployment.
Vendor Risk Management Market insights
The global vendor risk management market size was valued at USD 8.18 billion in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 15.1% from 2023 to 2030. Enterprises are extensively dependent on a large number of third-party vendors that are located in different geographic locations to achieve their business objectives. Collaborating with these vendors often seems challenging for enterprises as they may bring different risks, which can damage the business objectives and processes. Thus, to mitigate and overcome these risks, enterprises adopt vendor risk management in their business processes.
North America dominated the global market with a share of over 55.0% in 2021. The large share of this segment is primarily attributed to the growing dependence of enterprises on vendor risk management solutions to effectively manage risks associated with vendors, the presence of global market leaders offering several solutions at affordable prices, and the increasing spending capacity of the local enterprises on risk management solutions.
Asia Pacific is anticipated to emerge as the fastest-growing region over the forecast period. The rapid rise in the disposable incomes of consumers and the growing number of SMEs in China, India, South Korea, and Japan are anticipated to drive the market. Moreover, the growing need for digital transformation among several companies in the remote places of the region and increasing awareness among the enterprises regarding the benefits of vendor risk management is expected to drive the market in the forecast period.
Order your copy of the Free Sample of “Supply Chain Solutions Industry Data Book - Supply Chain Analytics, Procurement as a Service And Vendor Risk Management Market Size, Share, Trends Analysis, And Segment Forecasts, 2023 - 2030” Data Book, published by Grand View Research
Procurement as a Service Market Insights
The global procurement as a service market size was valued at USD 6.15 billion in 2022 and is expected to register a growth of 11.1% from 2023 to 2030. As firms increasingly rely on digitization to carry out their sourcing and procurement tasks while keeping track of company payments and purchases, procurement as a service is gaining popularity throughout the globe. Following the COVID-19 pandemic, the uptake of digitization in automating essential business operations like sourcing and procurement is receiving attention. This is anticipated to support the procurement growth as a service market throughout the projection period.
The European region holds the largest market share of over 40% of the overall revenue share in 2022. The European market has reached maturity with expected modest growth over the forecast period. The increasing focus of procurement service providers in offering customized service plans to their customers and rising demand from European manufacturing enterprises for enhancing the procurement process are key factors driving regional growth. In addition, the growing demand for modernized solutions that could help organizations make data-driven decisions for managing procurement operations is also observed as a trending factor contributing to market growth.
The Asia Pacific region is expected to grow with the fastest CAGR, owing to a considerable rise in demand for digital solutions to manage and streamline supply chain operations. Also, growing internet usage for direct and indirect procurement services is facilitating the adoption of procurement as a service in this region. Additionally, in countries such as China and India, where supply markets are strict, the demand for new sources of supply has emerged rapidly in the region. To manage the new sources, demand for procurement as a service solution is expected to grow considerably over the forecast period.
Supply Chain Solutions Market – Global Industry Segmentation
Supply Chain Solutions Industry, By Type • Supply Chain Analytics • Procurement as a Service • Vendor Risk Management
Supply Chain Solutions Industry, By Deployment • Cloud • On-premises
Supply Chain Solutions Industry, By Enterprise size • Large Enterprise • Small & Medium Enterprise
Go through the table of content of Supply Chain Solutions Industry Data Book to get a better understanding of the Coverage & Scope of the study.
Supply Chain Solutions Industry, By End- Use
• Retail & E-commerce • Healthcare • Automotive • Transportation & Logistics • Food & Beverages • Manufacturing • Others
Supply Chain Solutions Industry, By Region
• North America o U.S. o Canada • Europe o U.K. o Germany o France • APAC o China o Japan o India • Latin America o Brazil o Mexico • MEA
Key players operating in the supply chain solutions industry are –
• Genpact • Accenture • International Business Machines Corporation • HCL Technologies Ltd. • WNS (Holdings) Ltd. • Optive Security, Inc. • Infor • Kinaxis • JDA Software Group, Inc. • Aera Technology
